A Former Loophole (Now Closed)that Existed Under the Former S

question 37

Multiple Choice

A former loophole (now closed) that existed under the former s.9 of the Corporations Law:

• A) required the preparation of one set of consolidated accounts for the group.
• B) required the preparation of separate accounts for each body corporate in the group.
• C) gave the choice of using full consolidation, proportional consolidation or the equity method of accounting.
• D) gave the choice of one set, or two or more sets, of consolidated accounts; or separate accounts for each body corporate; or a combination.
• E) meant that no group accounting was required whatsoever.